PFC to acquire entire government holding in REC

The government is likely to consider Power Finance Corporation’s (PFC) proposal to acquire entire government holding in state-owned Rural Electrification Corporation (REC), which will fetch the government around Rs 15,000 crore.

The proposal is PFC will acquire 52.63 per cent government stake in REC, along with transfer of management control.

PFC provides large range of financial products and services like project term loan, lease financing, direct discounting of bills, short term loan, and consultancy services for various power projects in generation, transmission, distribution sector as well as for renovation and modernization of existing power projects.